Fortitude Family Office LLC Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Fortitude Family Office LLC grew its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 41.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,037 shares of the social networking company’s stock after acquiring an additional 302 shares during the period. Fortitude Family Office LLC’s holdings in Meta Platforms were worth $594,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Meta Platforms by 0.4% during the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock valued at $90,891,055,000 after buying an additional 831,047 shares during the period. Capital World Investors increased its stake in shares of Meta Platforms by 0.6% in the 1st quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock worth $18,597,382,000 after acquiring an additional 244,803 shares in the last quarter. Capital Research Global Investors lifted its position in Meta Platforms by 14.5% during the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock valued at $16,799,612,000 after acquiring an additional 4,379,826 shares during the period. Jennison Associates LLC boosted its stake in Meta Platforms by 24.7% during the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after acquiring an additional 2,748,620 shares in the last quarter. Finally, GQG Partners LLC grew its holdings in Meta Platforms by 3.1% in the first quarter. GQG Partners LLC now owns 11,497,335 shares of the social networking company’s stock worth $5,582,876,000 after purchasing an additional 342,742 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Down 4.1 %

Shares of META stock opened at $567.58 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. Meta Platforms, Inc. has a one year low of $296.86 and a one year high of $602.95. The company’s fifty day moving average price is $555.21 and its 200-day moving average price is $512.56. The company has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 32.60, a PEG ratio of 1.42 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. The business had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. Sell-side analysts expect that Meta Platforms, Inc. will post 21.44 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. Meta Platforms’s dividend payout ratio is presently 11.49%.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $580.10, for a total transaction of $524,990.50. Following the sale, the insider now owns 31,482 shares in the company, valued at $18,262,708.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 6,534 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $505.04, for a total transaction of $3,299,931.36. Following the completion of the transaction, the chief executive officer now owns 116,108 shares of the company’s stock, valued at $58,639,184.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $580.10, for a total value of $524,990.50. Following the completion of the sale, the insider now directly owns 31,482 shares in the company, valued at $18,262,708.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 251,573 shares of company stock worth $133,019,910 in the last three months. 13.71% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on META. Citigroup lifted their target price on shares of Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a report on Thursday. Stifel Nicolaus boosted their target price on Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised their price target on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Wedbush reiterated an “outperform” rating and issued a $600.00 price target on shares of Meta Platforms in a research note on Thursday, September 26th. Finally, UBS Group raised their price objective on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $634.37.

About Meta Platforms

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.